The UK and European wealth management operation of Canadian financial services firm Canaccord Genuity has acquired Worcester-based IFA business McCarthy Taylor.
Founded in 1998, McCarthy Taylor provides financial planning and investment management services to clients across the Midlands, managing assets of approximately £171m ($225m, €197m).
Paul Taylor, founder, chief executive and majority shareholder of McCarthy Taylor, will continue to be actively involved in the business.
David Esfandi, chief executive of Canaccord Genuity Wealth Management (CGWM), said: “The acquisition of McCarthy Taylor represents an opportunity to expand our Midlands presence and creates a regional financial planning centre of excellence, which will be fully supported by our broader UK team.”
The financial terms of the deal were not disclosed.
Perspective
Elsewhere, UK-based Perspective Financial Group has acquired IFA business Galloway Whitfield (Life & Pensions), headquartered in Newcastle. This is Perspective’s 32nd acquisition since 2008.
The acquired firm will become part of Perspective’s north-east office; which has 50 staff, including 13 advisers.
Galloway Whitfield has an annual turnover in excess of £300,000 and £50m of funds under management. It delivers specialised financial services to individuals and businesses throughout north-east England.
The managing director of Galloway Whitfield, Alan Galloway, will continue to work with Perspective for an initial term to ensure a smooth transition for clients, prior to his eventual retirement.
The financial terms of the deal were not disclosed.
Long term aims
Perspective is expecting a further two deals to complete in the coming months and anticipates completing an additional three acquisitions during 2019.
The firm’s focus is to acquire client banks from retiring advisers and service them from its existing 14 office network across the UK, with the vendors working with Perspective’s advisers for a period to introduce clients before retiring.
